The relevant section of the privacy policy for secure connections explains that while Nokia servers will "see" the unencrypted content of page the information on these pages will only be used for rendering and optimising the page for sending to the mobile device and this connection will itself be secure:
Secure Traffic (HTTPS): The Service is designed to render and optimize all of your browsing traffic in our servers to provide you with a fast and efficient experience. When you access sites with an HTTPS connection, the Service establishes a secure connection between your device and our servers and from our servers to the destination website. The device to server connection is secured either by industry standard strong AES encryption or by HTTPS/SSL encryption. The server to destination website is secured by HTTPS/SSL encryption. Web Pages are securely transmitted from the website to our servers where they are rendered and optimized before being securely transmitted to the device. The information contained in the web pages is used only by our servers for rendering and optimizing the page for transmission to the device. Nokia will not store or access this information for any other purpose.
Here's the official change log for the latest version:
- Updates to privacy policy
- 512MB devices now supported, including Lumia 620 and Lumia 520
- Hindi translation for any web page
Nokia Xpress can be downloaded from the Nokia collection in the Windows Phone Marketplace. It is available for both Windows Phone 7.5 and Windows Phone 8.
Here's the launch video for the original beta, which covers the major functionality of the app and service: